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Mobileye (MBLY) Stock Declines 10% Since Q1 Earnings Miss
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Shares of Mobileye Global Inc. (MBLY - Free Report) fell 10% since the company reported first-quarter 2024 results. It incurred an adjusted loss per share of 7 cents, wider than the Zacks Consensus Estimate of a loss of 6 cents. The company had reported earnings per share (EPS) of 14 cents in the year-ago quarter. Total revenues amounted to $239 million, down 48% year over year, beating the Zacks Consensus Estimate of $227 million.
Mobileye Global Inc. Price, Consensus and EPS Surprise
In the first quarter, Mobileye’s gross margin decreased 2,260 basis points year over year due to a rise in the percentage of revenues attributable to SuperVision and similar levels of amortization of intangible assets cost. Also, the adjusted gross margin declined 876 basis points year over year due to a rise in the percentage of revenues attributable to SuperVision.
Adjusted operating margin declined to a negative margin of 27% compared with the year-ago quarter's positive margin of 27%. The decline was primarily due to lower adjusted gross margin and higher operating expenses as a percentage of revenues.
MBLY had cash and cash equivalents of $1.22 billion as of Mar 30, 2024, up from $1.21 million as of Dec 30, 2023. Operating cash flow for the year (ended Mar 30, 2024) was $40 million. Capex was $22 million during the same time frame.
2024 Guidance
For full-year 2024, Mobileye estimates revenues in the range of $1,830-$1,960 million. It expects operating loss in the band of $468-$378 million. Amortization of acquired intangible assets is estimated to be $444 million. Share-based compensation expenses are projected to be $294 million. Adjusted operating income is estimated in the band of $270-$360 million.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for OSK’s 2024 sales and earnings suggests year-over-year growth of 9.86% and 10.72%, respectively. The EPS estimates for 2024 and 2025 have improved 73 cents and 70 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GOEV’s 2024 sales and earnings suggests year-over-year growth of 7,722.3% and 56.83%, respectively. The EPS estimates for 2024 and 2025 have improved $2.85 and $2.36, respectively, in the past 60 days.
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Mobileye (MBLY) Stock Declines 10% Since Q1 Earnings Miss
Shares of Mobileye Global Inc. (MBLY - Free Report) fell 10% since the company reported first-quarter 2024 results. It incurred an adjusted loss per share of 7 cents, wider than the Zacks Consensus Estimate of a loss of 6 cents. The company had reported earnings per share (EPS) of 14 cents in the year-ago quarter. Total revenues amounted to $239 million, down 48% year over year, beating the Zacks Consensus Estimate of $227 million.
Mobileye Global Inc. Price, Consensus and EPS Surprise
Mobileye Global Inc. price-consensus-eps-surprise-chart | Mobileye Global Inc. Quote
Financials
In the first quarter, Mobileye’s gross margin decreased 2,260 basis points year over year due to a rise in the percentage of revenues attributable to SuperVision and similar levels of amortization of intangible assets cost. Also, the adjusted gross margin declined 876 basis points year over year due to a rise in the percentage of revenues attributable to SuperVision.
Adjusted operating margin declined to a negative margin of 27% compared with the year-ago quarter's positive margin of 27%. The decline was primarily due to lower adjusted gross margin and higher operating expenses as a percentage of revenues.
MBLY had cash and cash equivalents of $1.22 billion as of Mar 30, 2024, up from $1.21 million as of Dec 30, 2023. Operating cash flow for the year (ended Mar 30, 2024) was $40 million. Capex was $22 million during the same time frame.
2024 Guidance
For full-year 2024, Mobileye estimates revenues in the range of $1,830-$1,960 million. It expects operating loss in the band of $468-$378 million. Amortization of acquired intangible assets is estimated to be $444 million. Share-based compensation expenses are projected to be $294 million. Adjusted operating income is estimated in the band of $270-$360 million.
Zacks Rank & Key Picks
MBLY currently carries a Zacks Rank #4 (Sell).
Some better-ranked players in the auto space are Geely Automobile Holdings Limited (GELYY - Free Report) , Oshkosh Corporation (OSK - Free Report) and Canoo Inc. (GOEV - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for OSK’s 2024 sales and earnings suggests year-over-year growth of 9.86% and 10.72%, respectively. The EPS estimates for 2024 and 2025 have improved 73 cents and 70 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GOEV’s 2024 sales and earnings suggests year-over-year growth of 7,722.3% and 56.83%, respectively. The EPS estimates for 2024 and 2025 have improved $2.85 and $2.36, respectively, in the past 60 days.